Magma Fincorp Home Loan

Magma Fincorp Home Loan

About Magma Fincorp

Based out of Mumbai Magma Fincorp Limited (MFL) is a non-banking financial institution registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The company started in 1988, operates in 22 states and a union territory with a strong presence in rural and semi-rural India with the help of more than 280 branches.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Magma Fincorp Home Loans

Magma Fincorp offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, Magma Fincorp Home Loans are tailor made catering to the needs of various customers.

Advantages of Magma Fincorp Home Loans

• Low interest rates
• Low processing fees
• Less paperwork
• No prepayment penalties
• No hidden costs and administrative charges
• Balance home loan transfer

Features of Magma Fincorp Home Loan

Objective:

Magma Fincorp home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

Loan amount is subject to income and valuation of Property.

Loan Tenure:

Repayment period of 12 months to 240 months.

Prepayment Charges:

• NIL for all Floating Rate Home Loans
• As applicable from time to time, specified in the Loan agreement for Loan Against Property & Fixed Rate Home Loans.
• Or as per Terms & Conditions specified from time to time.
• Varies from client to client and depends on factors like market Interest Rates, Credit Evaluations etc.

Processing Fees:

As applicable and specified in the Terms & Conditions

Interest Rate:

Interest rate starts from 8.5%

Other fees and charges

Cheque swapping charges: Rs.500/-

Loan cancellation / re-booking charges (allowed within first 20 days from the date of first disbursement): Rs. 3,000/-

Legal, Repossession &Incidental charges: At actuals

Duplicate No Due Certificate / NOC: Rs.

Statement of Account: Rs 200/-

Special NOC: Rs. 500/- per request

Valuation charges for BT/Home Equity/Refinance cases: Rs.1,500/-

Eligibility Criteria:

To avail the home loan from Magma Fincorp, you need to have the following eligibility criteria.

• You should be more than 21 years of age
• Steady income with minimum 2 years of experience

Documents Required to Apply for Magma Fincorp Home Loans

Important documents to be submitted while applying for home loans with Magma Fincorp

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your Magma Fincorp home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Magma Fincorp, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Magma Fincorp account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Magma Fincorp account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Magma Fincorp account at your nearest Magma Fincorp Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Magma Fincorp Home Loan?

You can either apply online or visit a nearby Magma Fincorp branch for the application. You can also download the home loan application form from the Magma Fincorp official website, complete the form and submit it the bank representative.

Home Loan and Credit Score

A good credit score is really the starting point to get the best offers on home loans from all lenders, with a score above 750+ you will be able to get flexible repayment tenor, reduced interest rates and save on monthly EMIs.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Magma Fincorp Home Loan FAQs

1. What are processing fees on Magma Fincorp Home Loans?

As applicable and specified in the Terms & Conditions

2. Is there penalty for prepaying the Magma Fincorp Home Loan?

• NIL for all Floating Rate Home Loans
• As applicable from time to time, specified in the Loan agreement for Loan Against Property & Fixed Rate Home Loans.
• Or as per Terms & Conditions specified by NHB from time to time.
• Varies from client to client and depends on factors like market Interest Rates, Credit Evaluations etc.

3. What is the maximum loan repayment period for Magma Fincorp home loans?

Repayment period of 12 months to 240 months.

4. How Can I apply for a Magma Fincorp home loan?

You can either apply online or visit a nearest Magma Fincorp branch and take the help of the bank’s representative.

5. Does Magma Fincorp Bank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to Magma Fincorp Bank.

6. Can I get tax benefits from Magma Fincorp Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.